July 9 A customer purchases 40 pairs of crutches at a sales price of $40 per pair. The cost to Pharmaceutical Supplies per pair is $16. The terms of the sale are 5/10, n/30, with an invoice date of July 9. July 12 The customer who made the July 9 purchase returns 8 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $16 per pair. July 18 The customer pays in full for the remaining crutches, less the return. A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. July 9 Sale on credit Accounts Receivable Accounts Receivable Sales Sales July 9 Cost on sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory July 12 Sales return Sales Returns and Allowances Sales Returns and Allowances Accounts Receivable Accounts Receivable July 12 Cost of sale return Merchandise Inventory Merchandise Inventory Cost of Goods Sold Cost of Goods Sold July 18 - Select - - Select - - Select - - Select - - Select - - Select - B. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the periodic inventory system. If an amount box does not require an entry, leave it blank. July 9 - Select - - Select - - Select - - Select - July 12 - Select - - Select - - Select - - Select - July 18 - Select - - Select - - Select - - Select - - Select - - Select -

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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July 9	A customer purchases 40 pairs of crutches at a sales price of $40 per pair. The cost to Pharmaceutical Supplies per pair is $16. The terms of the sale are 5/10, n/30, with an invoice date of July 9.
July 12	The customer who made the July 9 purchase returns 8 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $16 per pair.
July 18	The customer pays in full for the remaining crutches, less the return.

A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount box does not require an entry, leave it blank.

July 9 Sale on credit	Accounts Receivable	Accounts Receivable
	Sales	Sales
July 9 Cost on sale	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
July 12 Sales return	Sales Returns and Allowances	Sales Returns and Allowances
	Accounts Receivable	Accounts Receivable
July 12 Cost of sale return	Merchandise Inventory	Merchandise Inventory
	Cost of Goods Sold	Cost of Goods Sold
July 18	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

B. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the periodic inventory system. If an amount box does not require an entry, leave it blank.

July 9	- Select -	- Select -
	- Select -	- Select -
July 12	- Select -	- Select -
	- Select -	- Select -
July 18	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

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